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2018 Crypto Exchange Trading Revenue Poised to Double to $4 Billion: Bernstein

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For the most part, the cryptocurrency markets have been operating on all cylinders year-to-date with the exception of one very important metric — price. And now that the bitcoin price appears to have found its footing, today’s slip to $6,410 notwithstanding, that component of the market appears to be cooperating, too. Wall Street research firm Bernstein is acknowledging the industry’s impact, predicting that cryptocurrency exchange revenue may grow more than twofold versus year-ago levels to some $4 billion.

The Bernstein report, as cited in Bloomberg, is entitled: “Crypto Trading — The Next Big Thing Is Here?” The title alone reflects a more open-minded if not sanguine take on the cryptocurrency market, more specifically speculative trading. Last year, leading crypto exchanges generated $1.8 billion in transaction fees, which according to the Sanford analysts is 8% of what Wall Street exchanges made. Based on this metric of transaction fees, cryptocurrency trading was second only to global cash equities.

Courtesy: Bloomberg

The outlook may seem shocking, considering that the bitcoin price is down more than 60% from last year’s peak. But leading cryptocurrency exchange by trading volume Binance, which boasts millions of users, tipped its hand to balance sheet strength. The exchange’s CEO CZ recently provided an outlook, saying the company was on track to deliver record profits this year of as much as $1 billion, as CCN previously reported.  On the low end of its range, Binance is looking at $500 million.

Advantage Goes to Coinbase

Meanwhile, Bernstein analysts are quick to point out that Wall Street banks have largely been on the sidelines of crypto, Goldman Sachs and JPMorgan’s crypto trading and blockchain investments notwithstanding. As a result, the could find themselves in an unusual competitive position where crypto exchanges like Coinbase dominate market share. Coinbase already boasts some “50% of the transaction revenue pool,” according to Bloomberg, and fears of fraud coupled with a murky regulatory climate hold the big banks at bay.

“As the crypto-asset class seasons and institutional demand builds, there are a plethora of opportunities for traditional firms,” according to Bernstein analysts, who then pointed to examples across custody, portfolio management and making markets, for instance.

Indeed, the persistent downturn in the cryptocurrency market, particularly in the bitcoin price, has had observers wondering how crypto exchanges could offset the damage. After all, they generate revenue based on trading volume.

Exchanges like Coinbase have been adding coins, most recently Ethereum Classic (ETC) but they’ve got several more altcoins waiting in the wings that they’re looking to support. While Coinbase officials have stated that these new altcoin additions are in response to trader demand, it’s also a way for them to continue to collect trading revenues while the bitcoin price has been stalled. Binance, meanwhile, whose trading volume hovers at approximately $1.4 billion in the last 24 hours, supports hundreds of altcoins.

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Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 70 rated postsGerelyn has been covering ICOs and the cryptocurrency market since mid-2017. She's also reported on fintech more broadly in addition to asset management, having previously specialized in institutional investing. She owns some BTC and ETH.




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Etheera (ETA) Hits the Big Time with 82,960% Growth Over Two Weeks

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Another little-known token was propelled into the market cap top one-hundred this week, as Etheera (ETA) soared to 82,960% growth in the past fourteen days.

Etheera is an Ethereum-based token which launched in Q1 of 2018, and only made it onto data-aggregators like CoinMarketCap by October of the same year. The project aims to become a decentralized, global real-estate platform.

Etheera Hits 82,960% Growth

Several new altcoins jumped into the top one-hundred in recent weeks, not least the likes of Eternal Token (XET) with its recent 3,190% growth, and the 386% growth recently recorded by Ravencoin (RVN).

Etheera continued that trend over the past two weeks, climbing from a token price of $0.000015 all the way up to $0.012459. That’s 82,960% gains in just over fourteen days, and comes during a busy week for the newly minted altcoin.

According to the project’s Bitcointalk page, the ETA token was recently added to the BarterDEX and HyperDEX decentralized exchanges hosted on Komodo (KMD). Furthermore, the token was added to several other DEX’s, including Bitker, Coinical and Ethershift.

Those are all either small, or decentralized exchanges, and means that ETA is unlikely to find more volume than it already has. For Monday, Nov 12th, 100% of ETA trades came from the Token Store exchange, where all trades were executed against ETH.

What is Etheera?

The whitepaper describes Etheera as a ‘global all in one solution for real estate’, and aims to become a decentralized hub for direct real estate deals between seller and buyer. According to the documentation, this will apply on the individual scale (hotels, bed & breakfast), as well as on the larger scale (estate agents, brokers).

The number of Bitcointalk forum pages is often a good indicator of how serious a project is, and Etheera’s currently has 194 pages since its inception back in February.

However, that number might be slightly misleading since almost every one of those pages is taken up by forum members attempting to squeeze as much ETA from the bounty as they can.

The ICO, which ran from February until June, failed to achieve the soft cap of 6,000 ETH, and was even further off the hard cap of 105,000 ETH. When the token sale failed, the tokens were distributed anyway, according to posts on the Bitcointalk forum.

The bounty program was initially supposed to have 2,100 ETH up for grabs, and was supposed to represent a mere 2% of the total ten billion token supply. Despite the ICO only ammassing 43 ETH, forum members continue to engage in the bounty program, perhaps in the hope of brute-forcing the token into the public consciousness.

If Etheera can hold on to its recent 82,960% gains, then that moment might not be too long away.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.4 stars on average, based on 88 rated postsGreg Thomson is a full-time crypto writer and digital nomad. He eats ICOs for breakfast and bleeds altcoins. Wherever he lays his public key is his home.




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Tron Extends European Exposure as Blockport Adds TRX/EUR Pair

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Tron (TRX) gained another TRX/EUR pairing this week, with the integration of the coin onto the Blockport cryptocurrency exchange, based in Amsterdam, Netherlands.

Tron has cut a path through Europe in recent months, first gaining TRX/EUR and TRX/PLN (Polish złoty) pairs with its BitBay listing in September.

Then in early October Bitfinex added a trio of TRX/FIAT pairs, including GBP and EUR. This was followed up in early November with the Indacoin listing which saw TRX paired with USD, EUR, GBP, AUD, and RUB.

TRX Marches Through Europe

That trend continued this week when Netherlands-based crypto exchange, Blockport, added a TRX/EUR pair to its platform. The listing comes amid a busy week for Blockport, after listing both IOTA (MIOTA) and NEO (NEO) earlier in the week.

According to Blockport’s official announcement:

“In keeping the momentum high after last week’s listings of both IOTA and NEO, the Blockport team is excited to officially be listing TRX (Tron) today. By means of this listing, Blockport users will be able to buy and sell TRX, one of the world’s leading cryptocurrencies, through our euro gateway.”

By Monday, four days after the trading pair officially went live, Blockport’s TRX/EUR had accumulated just over $300 worth of trades. That’s more than the $1 worth of trades on the TRX/USD pair, but barely registers as a percentage out of the day’s +$50 million daily volume.

That may suggest that TRX hasn’t gained traction in Europe yet, and it’s also true that the recent Euro-based fiat pairings mentioned above have failed to return any significant volume. Yet, Blockport appear to be responding to some European demand, as they said:

“Of equal importance is that Tron’s European community will now have direct access to the TRX token through our user-friendly exchange and trading platform.”

Of all of Tron’s recent pairings, it’s actually the TRX/RUB (Russian ruble) pair which has brought in the most volume, although even that only amounts to around $70,000 worth.

TRX/USD

Meanwhile, on the Western front, the value of TRX has been somewhat inert of late. Despite a huge, headline-grabbing surge from September through October, TRX is now at break even or worse for the previous week, month and quarter.

From Sunday through Monday alone, TRX fell 3.1%, as the coin price descended from $0.022934 to a weekly low of $0.022222.

The bulk of TRX’s movements were maneuvered by Tether (USDT) trades. The first four most popular trades were all TRX/USDT, while the same pair popped up five times out of the eight most concentrated trades for the day.

Either way, TRX is suddenly finding it harder to trigger the same spikes it experienced in the previous quarter, despite a seemingly constant stream of developments, and more fiat pairs.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.4 stars on average, based on 88 rated postsGreg Thomson is a full-time crypto writer and digital nomad. He eats ICOs for breakfast and bleeds altcoins. Wherever he lays his public key is his home.




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Bitcoin Cash Price Analysis: BCH/USD May Have to Return to $400, Before Big Bull Buying

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  • BCH/USD price action did form a potential double top formation, subject to a move back towards the neckline.
  • The RSI indicates price is oversold via the 4-hour chart view, after bouncing in early hours of Monday.

The Bitcoin Cash price remains firmly on the back foot. As a result, of a top area being produced within a heavy touted supply zone. This can be seen within the $650 price region, which as a result has caused BCH/USD bulls to falter in their tracks north. Back in the very early part of September and most recently on 7th November has seen the sellers pile in at this area.

BCH/USD daily chart

Given the current price behavior it would suggest technically, the bears are looking to force a retreat, Eyes would be towards the neckline of the set up. This would see BCH/USD returning to $410, as demonstrated during the selling pressure back in early September. A likely area to attract buyers back in, a failure however to see this area of support hold, could be very punishing indeed.

Possible Neckline Breach

BCH/USD Neckline

Should a breakout to the downside from the $410 area support occur, heavy selling pressure may be seen. Eyes would then be on for a potential steep fall, down towards $285, the next major level of support. BCH/USD last traded down here on 13th October 2017, after seeing a chunky breach through the above-mentioned neckline.

4-hour Chart View

BCH/USD 4-hour chart

Looking via the 4-hour chart view, BCH/USD price action is moving within a descending channel formation. This is very much subject to a potential breakout to the upside; however, as described above, the price may need to retreat towards $410. Near-term resistance can be immediately seen at $530, which is the upper part of the channel.

The resistance above trend line of the detailed technical set up should this continue to hold; it raises the case to the top formation play out. A breakout to the upside now could send BCH/USD flying back for a retest of the $650 region supply. To the downside, support should be noted around the psychological $500 level.

As detailed above with the descending channel, this could also be perceived as a text book bull flag pattern. Such a move coming into play after a decent run higher, to then cool, ahead of another burst to the north. Looking via the RSI, it did hit a bottom, running into oversold territory. This occured in early hours of today – Monday 12th November.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.4 stars on average, based on 45 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.




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